Vostek replaces CEO

The Board of Directors of OJSC Vostek has announced that it has decided to terminate the employment contract with CEO Alexei Babitsky and appoint CEO Konstantin Katsalova.
Vostek, one of the largest …

The Board of Directors of OJSC Vostek has announced that it has decided to terminate the employment contract with CEO Alexei Babitsky and appoint CEO Konstantin Katsalova. Vostek, one of the largest Russian manufacturers of float glass, with an annual production of 15 million sq.m., stopped production completely in July 2009, making more than 800 people redundant. According to the report the company, its net loss for the first quarter of 2010 amounted to RUB 26,023 million, and long-term liabilities (loans and credits) – RUB 128,069 million. From February 2009 to April 2010, employee numbers decreased from 1,240 to 886.